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How much interest would the martinezes save

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Reference no: EM131556736

Question: REFINANCING A HOME The Martinezes are planning to refinance their home. The outstanding balance on their original loan is $150,000. Their finance company has offered them two options: Option A: A fixed-rate mortgage at an interest rate of 7.5%/year compounded monthly, payable over a 30-yr period in 360 equal monthly installments. Option B: A fixed-rate mortgage at an interest rate of 7.25%/year compounded monthly, payable over a 15-yr period in 180 equal monthly installments.

a. Find the monthly payment required to amortize each of these loans over the life of the loan.

b.  if they chose the 15-yr mortgage instead of the 30-yr mortgage?

Reference no: EM131556736

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